Chase is the largest bank in the U.S., with far more deposits and bank branches than anybody else.

And unfortunately for millions of Americans that bank with Chase, their savings accounts are languishing at annual percentage yields (APYs) that are among the worst in the nation.

The APY on Chase savings accounts is 0.01%. As of February 2025, the national average APY is 41 times higher than that (0.41%), and the best savings accounts pay about 400 times more (in the 4.00% range).

A Chase savings account earns next to nothing. Let's see how much money you could be missing out on if you have a Chase savings account -- and highlight some better alternatives.

Our Picks for the Best High-Yield Savings Accounts of 2025

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.70% Rate info 3.70% annual percentage yield as of February 24, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.70% Rate info 3.70% annual percentage yield as of February 24, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.70% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.15% Rate info Balances less than $250,000 earn 4.15%, and balances greater than $250,000 earn 4.40% APY. Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.15% Rate info Balances less than $250,000 earn 4.15%, and balances greater than $250,000 earn 4.40% APY.	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.

Here's how much interest you could be giving up

With a 0.01% APY, your money will quickly lose value due to inflation. Not only that, but you could miss out on thousands of dollars in interest over the years.

Say you have $10,000 in savings. At a 0.01% APY, you'd earn $1 in interest in a year. In five years, you'd earn $5.

If you instead kept that money in a high-yield savings account paying 4.00%, you'd earn $400 in one year and $2,167 in five years.

Imagine what your future self could do with that kind of money -- like book a family vacation, buy a top-of-the-line TV, or pay off a big chunk of debt. If you currently have a Chase savings account (or a different account earning a rock-bottom APY), it might take nothing more than switching to a new account.

Here are two better savings accounts

These days, there are high-yield savings accounts that pay close to 4.00% or more. They also come with low or no fees and tons of other perks. Most don't have physical bank branches, but they more than make up for that.

Here are just two of them.

LendingClub LevelUp Savings (Member FDIC)

The LendingClub LevelUp Savings account pays an almost unbeatable 4.50% APY with $250+ in monthly deposits. That monthly deposit requirement can come from almost anywhere, like a direct deposit from your paycheck or an automatic transfer from your checking account.

If you don't meet that threshold, then you'll still earn a competitive APY that's not much below the rates available on the best high-yield savings accounts.

LendingClub LevelUp Savings has no minimum balance and no account fees. It also comes with an ATM card, and customers get unlimited rebates for fees charged by out-of-network ATMs.

Want to earn an APY more than 10X the national average? Click here to open a LendingClub LevelUp Savings account now.

SoFi Checking and Savings (Member FDIC)

SoFi® offers a high-yield savings account with an annual percentage yield of up to 3.80%². You don't need to deposit a certain amount to earn that rate; you just need to set up a direct deposit of any amount to your savings or checking account. And when you open a savings account, you automatically get a linked checking account.

To sweeten the deal, you can earn a $50 bonus if you direct deposit $1,000 to $4,999.99 into your SoFi Checking and Savings account within 25 days of your first deposit. And if you direct deposit $5,000 or more, you'll get a $300 bonus.¹

Like LendingClub, SoFi® doesn't charge for its regular banking activities. But one thing that really sets it apart is its other services.

SoFi® is also one of the best stock brokers on the market. So if you need a brokerage account or IRA, you can open one with SoFi® in addition to your checking and savings. Then you'll be able to manage your savings and investments through SoFi®'s easy-to-use mobile app or website.

Want to earn over 9X the national average APY and a bonus of up to $300? Click here to open a SoFi Checking and Savings account now.

There are many savings accounts better than Chase's

The above are just two of my favorite savings accounts. There are lots of good options available today, so check out our list of the best high-yield savings accounts to find the best bank for you.

And if you think switching bank accounts will be a hassle, never fear. I recently opened a new SoFi Checking and Savings account, and it took me minutes. It then took me under an hour to transfer my savings, change my direct deposit at work, change the automatic payments that were linked to my old account, and then close that account.

Big banks like Chase are counting on the fact that people rarely change bank accounts -- and that's part of the reason they pay their banking customers next to nothing. Prove them wrong and start earning hundreds of times more interest by switching accounts today.